On Wednesday, the Financial Insitutions and Consumer Credit Subcommittee will review Rep. Huizenga's Proprietary Information Protection Act of 2012 at 10 a.m. as part of a hearing on three Consumer Financial Protection Bureau oversight bills.
H.R. 3871, the Proprietary Information Protection Act of 2012, provides legal certainty that the disclosure of privileged information requested from financial institutions by the CFPB does not waive attorney-client privilege and open up the institutions to third-party subpoenas.
Richard Cordray, appointed by President Barack Obama to lead this massive new government bureaucracy created under the Dodd-Frank Act, recently testified that the exclusion of this certainty in the original CFPB law was an "oversight" and that he would be "supportive" of a legislative solution to ensuring privileged information is not leaked to third parties through the CFPB.
The Subcommittee hearing will take place on Wednesday, February 8 at 10 a.m. in room 2128 Rayburn and can be viewed live online here.
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